• Report: #481658

Complaint Review: AMERICAN EXPRESS

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  • Submitted: Tue, August 18, 2009
  • Updated: Mon, August 24, 2009

  • Reported By: william ferguson — buford Georgia USA
AMERICAN EXPRESS
american express.com Internet United States of America

AMERICAN EXPRESS reduced credit limit with no warning which shows reduced credit limit plus affects fico credit score never been late ever account over 10 years open i will discourage anyone catch 22 Internet

* : REFORMS TO PROTECT AMERICAN CREDIT CARD HOLDERS President Obama signs Credit Card Accountability, Responsibility, and Disclosure Act

* : Why AmEx is doing this

* : GM CREDIT CARD SERVICES RAISED BETTY'S INTEREST RATE FROM 10.99% TO 32.44% IN AUGUST 2007 AND....

* : It's a credit card.

* : Not Wrong...

* : URGENT ALERT: Go to the BANK OF AMERICA page of this site & the MERRILL LYNCH page of this site and....

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american express with out notice reduced credit limit never been late 10 years this also affects fico/credit score by showing limit available credit< it is a catch 22 wrongly done,. i understand in this economy a business has to examine and reduce risk but not at the cost of wrecking good customers.congress should act on these actions of the credit card companys.they are reducing credit limits and increasing aprs to variables. fine repayment for good customers thanks alot. folks are having to reevaluate this economy.everyone who reads this should take the time to write the credit card companys personaly lots lots of mail. also write your local congress person lots lots of mail <express your feeligs on this matter " this is wrong" it affects peoples lives/credit.if we dont stand for something we fall for anything  enough is enough   write  letters.please write to right wrong

This report was posted on Ripoff Report on 08/18/2009 08:54 AM and is a permanent record located here: http://www.ripoffreport.com/r/AMERICAN-EXPRESS/internet/AMERICAN-EXPRESS-reduced-credit-limit-with-no-warning-which-shows-reduced-credit-limit-plu-481658. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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REBUTTALS & REPLIES:
0Author 6Consumer 0Employee/Owner
Updates & Rebuttals

#1

REFORMS TO PROTECT AMERICAN CREDIT CARD HOLDERS President Obama signs Credit Card Accountability, Responsibility, and Disclosure Act

AUTHOR: Suzy Wong - (USA)

My rate was increased to 27% Aug 17, 2009
I believe the law on rate increases take effect Aug 20, 2009.

I'm going to see my Senator today.



http://www.whitehouse.gov/the_press_office/Fact-Sheet-Reforms-to-Protect-American-Credit-Card-Holders/


Key Elements of the Credit  CARD Act of 2009

Bans Unfair Rate Increases: Financial institutions will no longer raise rates unfairly, and consumers will have confidence that the interest rates on their existing balances will not be hiked. 

  • Bans Retroactive Rate Increases: Bans rate increases on existing balances due to "any time, any reason" or "universal default" and severely restricts retroactive rate increases due to late payment.
  • First Year Protection: Contract terms must be clearly spelled out and stable for the entirety of the first year.  Firms may continue to offer promotional rates with new accounts or during the life of an account, but these rates must be clearly disclosed and last at least 6 months.



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#2

Why AmEx is doing this

AUTHOR: Tim - (U.S.A.)

In response to the new regulations which will soon take effect, AmEx is basically eliminating over-limit fees, even as the regulations do not require them to do so. This is a definite plus for consumers, but it's really more of a token gesture aimed at receiving some good press than anything else.

To make up for the lost revenue stream from over-limit fees, they are tweaking other aspects of their consumer agreements. I'm not sure how reducing a credit line increases revenue, but there must be some ecnomic reason for doing so.

Sometimes it's nice to be a fella like me. My credit's always been in the tank, and I can't even get a Capitol One card nowadays, so I really don't have to worry about all of this greed and nonsense.

Best regards!

 

 

 

 

 

 

 

 

 

 

 

 

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#3

GM CREDIT CARD SERVICES RAISED BETTY'S INTEREST RATE FROM 10.99% TO 32.44% IN AUGUST 2007 AND....

AUTHOR: Karl - (U.S.A.)

NOT TOO LONG AFTER THEY RAISED HER RATE GM WENT BANKRUPT, DIDN'T THEY?

*MAKE SURE TO READ HER RIP OFF REPORT, & ALL THE 'UPDATES' TO HER RIP OFF REPORT.

'Google' this- RIP OFF REPORT GM CREDIT CARD SERVICES, and read it. Pay attention to what was stated in the first Update regarding- Quote: "The Collapse of the U.S. economy", which was posted on 9-3-2007 when the Dow Jones was around 14,000.

IT CAME TRUE, DIDN'T IT?

***SPREAD THIS ALL OVER THE WEB AT SITES LIKE- 'TWITTER' & 'FACEBOOK'.

Thank you.
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#4

It's a credit card.

AUTHOR: Flynrider - (U.S.A.)

Expecting that a credit limit or an interest rate will stay the same on a credit card, flies in the face of the whole concept of revolving credit lines. Every card agreement specifically states that. What exactly do you want Congress to do? If they force card issuers to never adjust credit limits due to market forces, the industry as you know it would go away. If you were fortunate enough to qualify for a card at all, chances are good that the limit would be tiny. On one hand, you recognize that the company needs to reexamine its credit lines and reduce risk in the current climate. On the other hand, you just don't want it to affect you. Sorry, but the credit climate in this country has changed drastically in the last year. You're going to have to change along with it.
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#5

Not Wrong...

AUTHOR: Jim - (U.S.A.)

Credit card companies are facing the worst crisis of their existence and all of them are decreasing the amount of credit being extended to people.  The fact it affects your FICO score should not be a sign that your FICO score is being decreased, but that your score was artificially inflated.  Accordingly, it is now being brought back to a more appropriate level.

Nobody in Congress is going to help people in this because they're looking to the credit card companies to reduce their liability; they don't want to bail out credit card companies the same way they bailed out banks.  The fat times for all of us are over and we need to face the reality that everyone's FICO score was inflated.

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#6

URGENT ALERT: Go to the BANK OF AMERICA page of this site & the MERRILL LYNCH page of this site and....

AUTHOR: Karl - (U.S.A.)

read the most recent Rip Off Reports for important & vital information!

*SPREAD YOUR STORY ALL OVER THE WEB AT SITES LIKE- 'TWITTER' & 'FACEBOOK'.

Thank you.
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